Volkswagen Finance Pvt. Ltd. India has increased its shareholding in KUWY Technology Service Pvt Ltd. by picking up a majority equity stake in the latter. This comes in succession to the first 25 per cent equity stake investment, from September 2019. Through this acquisition, Volkswagen Finance Pvt Ltd, will grow its new and used car business through KUWY's pan India network on car financing.
The company will be launching the Taigun compact SUV soon
Speaking on the development, Aashish Deshpande, MD and CEO of Volkswagen Finance Pvt. Ltd. said, "This is a step towards the evolution of the consumer journey in the digital space by offering a simplified and agile solution to our customers. Through this association VWFPL will grow its New and Used Car business through KUWY's PAN India network and technology platforms. Supporting the multi-brand approach of KUWY, we are still open to further investors - also under the new additional conditions."
VWFPL's association with KUWY will help improve efficiency in processes and reduce the loan processing time which will help both dealers as also customers. VWFPL will however, continue to provide Dealer funding & Insurance products and services to the Volkswagen India Group dealer network.